CAT T6

Most likely that students will think CAT paper 6 is not hard because they have accounting background before,but it is not true.This paper is not about gaining knowledge only,it goes beyond this level,it requires you to apply the knowledge that you had learnt especially from paper 3-Mainataining Financial Records,you need the knowledge such as accounting standards,concepts,irrecoverable debts and allowance for receivables,accrual and prepayment,depreciation and more,most of the syllabus of paper 3.But why you need this knowledge?Of course for some important reasons.

Before telling you the reasons,let's see the aims of this paper,which is to understand and apply the techniques used to prepare year-end financial statements of partnerships and limited companies which comply with legislation and accounting standards,and to interpret financial statements and the relationships between their elements using ratio analysis.

What can we learn from this aim?This aim tells that students need to know to prepare financial statements of partnerships and limited companies according to International Accounting Standard,International Financial Reporting Standard and concepts.Students should also know how to interpret the financial statements using ratio and draw a valid conclusion.Appart from this aim,students must also know how to prepare statement of cash flows according to the format stated in IAS 7,remember this is not paper 10,this time the purpose of producing his statement of cash flows is to present it to auditors as it was required by IAS 1.Statement of cash flows came out every sittings too!!!

Beside that,students should also be able to produce simple consolidated financial statement following IAS 27,although it was updated to IFRS 3-business combinations.You will learn more about this in ACCA F7.

Therefore,you can see that IAS/IFRS and concepts are important and in this paper,students are required to study 10 IAS and 1 IFRS so that students can produce a 'true and fair' financial statement.Be ready to APPLY what you had learnt from earlier studies about the year-end adjustment,it was a basic to prepare a correct financial statement for partnerships or limited companies.

In conclusion,as far as I understand,students do not have much problem on financial accounting paper maybe because of having accounting background.By the way,this paper is very important and if you can pass this paper,you are consider to have enough knowledge to be a financial accounting technician in an organisation,therefore learn from this paper well not only for exam purpose,but also your future.Keep in mind that this paper will help you in ACCA F7-Financial Reporting,so take this opportunity to get your basics good before something really challenging is coming soon.For now,I don't think that any guidance is needed for students,maybe next time when I discover which topics are harder,I will provide guidance here,I wish all CAT T6 students good luck in this paper and enjoy it :)